This chapter examines the ways in which goods and things in action can be dealt with to facilitate the financing of business. It begins with a brief survey of the financing mechanisms available to businesses and proceeds to discuss receivables financing, whereby a succession of debts owed to a business can either be sold outright or subjected to a security interest in favour of a financier, focusing specifically on outright sale. The chapter also discusses how the fact that title to an asset can be split between an ‘owner’ and a person with physical possession of it can be used to advantage in providing flexibility and tax advantages in financing the acquisition of capital items for use in a business.
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Chapter
This chapter examines the ways in which goods and things in action can be dealt with to facilitate the financing of business. It begins with a brief survey of the financing mechanisms available to businesses and proceeds to discuss receivables financing (or ‘factoring’), whereby a succession of debts owed to a business can either be sold outright or subjected to a security interest in favour of a financier, focusing specifically on outright sale. The chapter also discusses how the fact that title to an asset can be split between an ‘owner’ and a person with physical possession of it can be used to advantage in providing flexibility and tax advantages in financing the acquisition of capital items for use in a business through chattel leasing.
Chapter
Scott Slorach, Judith Embley, Peter Goodchild, and Catherine Shephard
This chapter uses a client case study to explore life events that will require individuals and businesses to have recourse to the law. It also looks at how both individuals and businesses raise money, showing that there are many reasons why individuals and businesses will have recourse to the law. Often the need for legal services is triggered by some form of important life event, such as moving house, divorce, or setting up a business. All life events will have a legal and financial impact on individuals and businesses. Lawyers need to anticipate their clients’ needs in the light of this.
Book
Sir Ross Cranston, Emilios Avgouleas, Kristin van Zwieten, Christopher Hare, and Theodor van Sante
Principles of Banking Law provides an authoritative take on banking and services law, with coverage of global banking regulation, payment systems, capital markets, and trade finance. The text takes an international perspective, helping locate domestic banking law and financial law in its wider context. It takes a themed, policy-oriented approach to the subject. The text is composed of four parts. The first part looks at banks and bank regulation. Part II considers banks and customers. Part III examines payment and payment systems. The final part looks at banks and finance.
Chapter
Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cuckmere Brick Co. Ltd v Mutual Finance Ltd [1971] Ch 949, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.
Chapter
Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cuckmere Brick Co. Ltd v Mutual Finance Ltd [1971] Ch 949, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.
Chapter
Essential Cases: Land Law provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Cuckmere Brick Co. Ltd v Mutual Finance Ltd [1971] Ch 949, Court of Appeal. The document also includes supporting commentary from author Aruna Nair.
Chapter
D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner
This chapter focuses on the use of receivables for financing purposes. The term ‘receivable’ is a commercial expression referring to money that is receivable in the performance and discharge of a legal obligation. The terms ‘receivables’ and ‘book debts’ are often used interchangeably. However, ‘receivables’ is more broad than ‘book debts’: it includes book debts but is not limited to them. This chapter first considers the definition of ‘receivables financing’ before discussing financing by sale, either through factoring or block discounting. It then examines financing by secured transactions, along with other doctrines affecting assigned receivables such as the rule in Dearle v Hall. It also considers proposals to reform the law governing receivables and concludes with an analysis of international factoring.
Chapter
Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare
This chapter examines the architecture and functions of bank supervision. Bank supervision is the process through which compliance with discussed prudential, conduct, and systemic regulations is safeguarded and enforced. It is normally exercised by public agencies that have the competence to approve the establishment and operation of credit institutions and monitor continuous compliance with the requisite regulatory framework. The same public bodies are also vested with remedial (early intervention) and enforcement powers in the event of a breach of any of the above. The chapter covers the fundamental principles of financial supervision; bank supervisors' accountability and judicial review; bankers' conduct, money laundering, and terrorist financing; and the central bank as the lender of last resort to the banking system.
Chapter
Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare
This chapter discusses two distinct but inter-related issues. The first part considers the general ways in which payment may be effected internationally or across borders in respect of any type of consumer or commercial contract. In many ways, the analysis builds upon the discussion in the earlier chapter dealing with domestic payment systems and limits itself to highlighting the additional issues or concerns that arise when such systems are used to effect an international or cross-border payment. The second part analyses the specialist mechanisms designed to facilitate payment in the trade finance context in particular. Some of the issues surrounding international messaging and transfer systems, such as SWIFT and TARGET, have already been considered.
Chapter
This chapter focuses on corporate debt, first considering several special features of corporate borrowing. It then discusses: debentures; secured debt (mortgages, fixed and floating charges); debenture holders’ remedies and the protection afforded by charges; the requirement to register charges; fixed and floating charges; the creation and effect of floating charges; distinguishing between fixed and floating charges; and the use of alternative security devices (‘quasi-security’) such as retention of title agreements.
Chapter
This chapter begins by defining international economic law. It then discusses the main international economic institutions: the World Trade Organization, the International Monetary Fund and the World Bank. It goes on to elaborate on the key principles of international trade law: tariffication, binding tariffs, most favoured nation treatment and the national treatment obligation and discusses exceptions to these principles, anti-dumping and subsidies, regional trade arrangements, and developing States and dispute settlement within the WTO. The chapter also discusses the key principles of international investment law (including foreign direct investment, protection standards, expropriation and dispute settlement); the international financial architecture; and international economic law and State sovereignty.
Chapter
This chapter considers how companies raise money through a combination of equity and debt finance. It discusses the issuance of shares; share capital; financial assistance by a company for purchase of shares; classes of shares; finance through borrowing; secured loans; registration of charges; priority of charges; remedies of debenture-holders; receivers; position of lenders and debenture-holders; and steps to be taken by a lender to a company.
Chapter
This chapter considers how companies raise money through a combination of equity and debt finance. It discusses the issuance of shares; share capital; financial assistance by a company for purchase of shares; classes of shares; finance through borrowing; secured loans; registration of charges; priority of charges; remedies of debenture-holders; receivers; position of lenders and debenture-holders; and steps to be taken by a lender to a company.
Chapter
Scott Slorach, Judith Embley, Peter Goodchild, and Catherine Shephard
This chapter focuses on the economic and financial environment, looking at the basics of economics, financial markets, and the major players within those markets. It examines the fundamentals of money and finance: what money is, how to organise and account for it, and what happens when things go wrong. It also discusses the potential political, social, and economic impact of Brexit.
Chapter
This chapter focuses on corporate debt, first considering several special features of corporate borrowing. It then discusses: debentures; secured debt (mortgages, fixed and floating charges); debenture holders’ remedies and the protection afforded by charges; the requirement to register charges; fixed and floating charges; the creation and effect of floating charges; distinguishing between fixed and floating charges; and the use of alternative security devices (‘quasi-security’) such as retention of title agreements.
Book
Brenda Hannigan
Company Law brings clarity and analysis to the ever-changing landscape of this field. The text aims to capture the dynamism of the subject, places the material in context, highlights its relevance and topicality, and guides readers through all the major areas. The book is divided into five distinct sections covering corporate structure (including legal personality and constitutional issues), corporate governance (including directors' duties and liabilities), shareholders' rights and remedies (including powers of decision-making and shareholder engagement), corporate finance (including share and loan capital), and corporate insolvency (including insolvencies arising).
Book
Brenda Hannigan
Company Law brings clarity and analysis to the ever-changing landscape of this field. The text aims to capture the dynamism of the subject, places the material in context, highlights its relevance and topicality, and guides readers through all the major issues. From incorporation through to liquidation and dissolution, the work explores the workings of the corporate entity. The book is divided into five distinct sections covering corporate structure (including legal personality and constitutional issues), corporate governance (including directors’ duties and liabilities), shareholders’ rights and remedies (including powers of decision-making and shareholder petitions), corporate finance (including share and loan capital), and corporate insolvency.
Book
Derek French
Mayson, French & Ryan on Company Law looks at all aspects of current UK company law. The 37th edition continues the tradition of providing accurate technical detail, examination of theory, and quotations from key cases. The volume starts with an overview of the topic. Next it looks at the establishment of companies. It moves on to consider finance which includes an examination of shares, accounts, loans, market abuse, capital and borrowing. The next part of the text considers governance. It looks at shareholders, directors, duties of directors, company secretaries and auditors, remedies and acting for a company. The last part of the text examines insolvency and liquidation.
Book
David Fox, Roderick Munday, Baris Soyer, Andrew Tettenborn, and Peter Turner
All books in this flagship series extract key cases, legislation, and academic debate, providing students with an invaluable resource. This new edition includes discussion of new legislation, including the new Insolvency Act 1986, ss 263H–263O; the Payment Services Regulations 2017; the Electronic Presentment of Instruments (Evidence of Payment and Compensation for Loss) Regulations 2018; and the Business Terms (Assignment of Receivables) Regulations 2018. In addition it discusses new case law such as Glencore International AG v MSC (on personal property law and shipping documents); Volcafe Ltd v Cia Sud Americana de Vapores (on bailment); Kaefer Aislamientos v AMS Drilling Mexico, Bailey v Angove’s Pty, and Banca Nazionale del Lavoro v Playboy Club (on agency); PST Energy 7 Shipping v OW Bunker Malta, Bajaj Healthcare v Fine Organics, Gunvor v Sky Oil & Gas, and Euro-Asian Oil SA v Crédit Suisse AG (on sale of goods); The Erin Schulte and Taurus Petroleum v State Oil Company (on trade finance); BP Oil International v First Abu Dhabi Bank (on assignment); Haywood v Zurich Insurance, The DC Merwestone, and Axa Insurance UK v Financial Claims Solutions (on insurance); and Jetivia SA v Bilta (UK) Ltd and JSC BTA Bank v Ablyazov (on insolvency). Other developments are also covered, such as the proposed reform of bills of sale recommended in the 2017 Law Commission report on Bills of Sale. The book contains a new introductory section on the likely detailed impact of Brexit on English commercial law.
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